EBSCN·2025-09-11 06:24Investment Rating - The electronic industry is rated as "Buy" [5] Core Insights - In Q2 2025, the electronic industry saw a significant increase in net profit, with a total of 652 companies reporting a net profit of 136.82 billion yuan, representing a year-on-year growth of 35% and a quarter-on-quarter growth of 34% [11][12] - The top three sub-industries in terms of year-on-year net profit growth are AI supply chain (174.7 billion yuan, +87%), PCB (70.0 billion yuan, +68%), and Nvidia supply chain (128.6 billion yuan, +67%) [11][12] - The semiconductor-MEMS, PCB materials, digital GPU and CPU, consumer electronics metal and structural parts, and semiconductor-analog sub-industries also experienced rapid growth in net profit [13] Summary by Sections Sub-industry Performance - The top five sub-industries by net profit growth in Q2 2025 are: 1. Semiconductor-MEMS: 1.33 million yuan, +2784% 2. PCB materials: 0.65 million yuan, +1259% 3. Digital GPU and CPU: 12.02 million yuan, +736% 4. Consumer electronics metal and structural parts: 2.79 million yuan, +138% 5. Semiconductor-analog: 3.45 million yuan, +117% [13][14] Major Companies in the Industry - The top five companies in the electronic industry by net profit in Q2 2025 are: 1. Industrial Fulian: 68.83 billion yuan, +51% 2. SMIC: 9.44 billion yuan, -17% 3. Cambricon: 6.83 billion yuan, turning profitable 4. Haiguang Information: 6.96 billion yuan, +23% 5. Luxshare Precision: 36.01 billion yuan, +23% [17][18] Investment Recommendations - The report suggests focusing on the following areas for investment: 1. Optical modules/DCI/CPO: Zhongji Xuchuang, Xinyi Sheng, Guangku Technology 2. Servers: Industrial Fulian 3. PCB/CCL: Shengyi Technology, Shenzhen South Circuit, Pengding Holdings 4. Upstream PCB: Xinqi Microelectronics 5. Power supplies: Magmi, Oulu Tong 6. Domestic computing power: Cambricon, Haiguang Information, Lanke Technology 7. Robotics: Lingyi Intelligent Manufacturing, Zhenyu Technology 8. Semiconductors: AISC customization: Xinyuan Technology, Aojie Technology; Silicon carbide: Sanan Optoelectronics; Analog: Chengdu Huami; Components: Fuchuang Precision; FAB: Huahong Semiconductor/Hua Hong Company (A/H), SMIC (A/H); Materials: Dinglong Co., Ltd., Tongcheng New Materials; Storage: Baiwei Storage, Zhaoyi Innovation, Beijing Junzheng [4]